India: Diwali verve fails to light up realty market

Diwali may be the most auspicious time to invest in property, but Delhiites are playing it safe this year. Economic slowdown coupled with the rise in property prices has affected realty investments big time. Experts and property dealers say that the sales have come down by almost 25% as compared to last year. The majority among those who are still investing in property are buying ‘budget houses’ that cost in the range of Rs 40 lakh to Rs 1 crore.
“There is no big excitement for Diwali this year. The Delhi market, in particular, is very slow. The reasons could be because the property prices went up and the market rates are also higher now. There is also a general sentiment of economic slowdown among people. But things are still moving for projects that have competitive prices……………………………………….Full Article: Source